1 August 2022 v2024.8.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP095050682022-08-012023-07-31095050682023-07-31095050682022-07-3109505068core:WithinOneYear2023-07-3109505068core:WithinOneYear2022-07-3109505068core:AfterOneYear2023-07-3109505068core:AfterOneYear2022-07-3109505068core:ShareCapital2023-07-3109505068core:ShareCapital2022-07-3109505068core:RetainedEarningsAccumulatedLosses2023-07-3109505068core:RetainedEarningsAccumulatedLosses2022-07-3109505068bus:Director12022-08-012023-07-3109505068bus:RegisteredOffice2022-08-012023-07-3109505068core:PlantMachinery2022-08-012023-07-3109505068core:MotorVehicles2022-08-012023-07-31095050682021-08-012022-07-3109505068core:LandBuildings2022-08-0109505068core:PlantMachinery2022-08-01095050682022-08-0109505068core:LandBuildings2023-07-3109505068core:PlantMachinery2023-07-3109505068core:LandBuildings2022-07-3109505068core:PlantMachinery2022-07-310950506812022-08-012023-07-3109505068countries:EnglandWales2022-08-012023-07-3109505068bus:AuditExemptWithAccountantsReport2022-08-012023-07-3109505068bus:PrivateLimitedCompanyLtd2022-08-012023-07-3109505068bus:SmallEntities2022-08-012023-07-3109505068bus:FullAccounts2022-08-012023-07-31
Company registration number:
09505068
Drew Memorials Limited
Unaudited Filleted Financial Statements for the year ended
31 July 2023
Lowe Accounting Solutions
3 Brays Place, St Austell, PL25 3BH, United Kingdom
Drew Memorials Limited
Report of the Accountant to the director of Drew Memorials Limited
Year ended
31 July 2023
These financial statements have been prepared in accordance with my terms of engagement and in order to assist you to fulfil your duties under the Companies Acts that relate to preparing the financial statements of the company for the year ended
31 July 2023
.
I have prepared these financial statements based on the accounting records, information and explanations provided by you. I do not express any opinion on the financial statements.
On the statement of financial position you have acknowledged your duties under the prevailing Companies Acts to ensure that the company keeps adequate accounting records and prepares financial statements that give a "true and fair view".
You have determined that the company is exempt from the statutory requirement for an audit for this accounting year. Therefore, the financial statements are unaudited.
The financial statements are provided exclusively to the director for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.
Lowe Accounting Solutions
3 Brays Place
St Austell
PL25 3BH
United Kingdom
Date:
20 March 2024
Drew Memorials Limited
Statement of Financial Position
31 July 2023
20232022
Note££
Fixed assets    
Tangible assets 5
185,704
 
186,577
 
Current assets    
Stocks
17,941
 
18,741
 
Debtors 6
8,304
 
16,998
 
Cash at bank and in hand
33,734
 
24,254
 
59,979
 
59,993
 
Creditors: amounts falling due within one year 7
(74,429
)
(81,432
)
Net current liabilities
(14,450
)
(21,439
)
Total assets less current liabilities 171,254   165,138  
Creditors: amounts falling due after more than one year 8
(77,244
)
(93,425
)
Provisions for liabilities
(13,377
)
(13,104
)
Net assets
80,633
 
58,609
 
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
80,533
 
58,509
 
Shareholders funds
80,633
 
58,609
 
For the year ending
31 July 2023
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
18 March 2024
, and are signed on behalf of the board by:
Mr E Drew
Director
Company registration number:
09505068
Drew Memorials Limited
Notes to the Financial Statements
Year ended
31 July 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
6-8 Normandy Way Walker Lines Industrial Estate
,
Bodmin
,
Cornwall
,
PL31 1EX
, England.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery
25% reducing balance
Motor vehicles
25% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
3
(2022:
3
).

5 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 August 2022
156,165
 
79,865
 
236,030
 
Additions -  
9,723
 
9,723
 
Disposals -  
(6,008
)
(6,008
)
At
31 July 2023
156,165
 
83,580
 
239,745
 
Depreciation      
At
1 August 2022
-  
49,453
 
49,453
 
Charge -  
9,846
 
9,846
 
Disposals -  
(5,258
)
(5,258
)
At
31 July 2023
-  
54,041
 
54,041
 
Carrying amount      
At
31 July 2023
156,165
 
29,539
 
185,704
 
At 31 July 2022
156,165
 
30,412
 
186,577
 

6 Debtors

20232022
££
Trade debtors
6,775
 
15,945
 
Other debtors
1,529
 
1,053
 
8,304
 
16,998
 

7 Creditors: amounts falling due within one year

20232022
££
Bank loans and overdrafts
3,195
 
5,680
 
Trade creditors
3,013
 
5,494
 
Taxation and social security
19,975
 
14,101
 
Other creditors
48,246
 
56,157
 
74,429
 
81,432
 

8 Creditors: amounts falling due after more than one year

20232022
££
Bank loans and overdrafts
6,030
 
63,363
 
Other creditors
71,214
 
30,062
 
77,244
 
93,425
 

9 Guarantees and other financial commitments

Contracted for but not provided for in the financial statements £2,784 (2022 - £551). The amount is payable over 5 years at £696 per year.

10 Director's advances, credit and guarantees

The balance owed to the director at the end of the year was £83,215 (2022 - £42,062). The amount is interest free and repayable on demand.

11 Controlling party

The ultimate controlling party is Mr E Drew.